Fermi America Deepens Strategic Partnership with Hyundai E&C to Lead the Return of Large-Scale Nuclear Construction in the U.S. with Project Matador

Rhea-AI Summary

Fermi America (Nasdaq: FRMI) deepened its strategic partnership with Hyundai E&C to advance Project Matador, an 11 GW private energy campus near Amarillo, Texas. Ongoing FEED work supports planning for four AP1000 units and site, cooling, cost, and schedule development.

The company participated in Hyundai E&C's Feb. 10, 2026 Large-Scale Nuclear Technology Seminar to engage U.S. contractors, strengthen the nuclear supply chain, and boost workforce readiness toward a potential EPC pathway.

Positive

• Project Matador planned at 11 GW capacity
• FEED advancing for four AP1000 units
• Partnership with Hyundai E&C, builder of 24 reactors
• Engaged U.S. contractors at Feb. 10, 2026 seminar

Negative

• Large-scale U.S. nuclear construction has been stalled for decades
• EPC pathway remains potential and is not yet secured

Key Figures

AP1000 units planned: 4 units Campus capacity: 11 gigawatts Nuclear reactors built: 24 reactors +4 more

7 metrics

AP1000 units planned 4 units Planned for Project Matador as part of large-scale nuclear build

Campus capacity 11 gigawatts Planned capacity of Fermi America's private energy campus

Nuclear reactors built 24 reactors Hyundai cited as having successfully built 24 nuclear reactors

Simultaneous builds 10 reactors Hyundai reportedly built ten reactors simultaneously on time and on budget

Project Matador power 11GW Described as an 11GW private energy campus outside Amarillo, Texas

COL-ready projects 1 project Quote notes only one project with COL under review ready to break ground

First decade focus Next decade Uzman highlights next decade as key for rapid power build-out

Market Reality Check

Price: $9.52 Vol: Volume 8,825,786 is 1.52x...

high vol

$9.52 Last Close

Volume Volume 8,825,786 is 1.52x the 20-day average of 5,809,292 shares. high

Technical Shares at $9.52 are trading below the $16.35 200-day moving average and 74.26% under the 52-week high.

Peers on Argus

No peers from the stated sector appeared in the momentum scanner, suggesting the...

No peers from the stated sector appeared in the momentum scanner, suggesting the 1.28% move in FRMI is stock-specific rather than part of a broader sector rotation.

Historical Context

5 past events · Latest: Feb 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	Equipment loan financing	Positive	+8.2%	Secured $500M non-recourse equipment loan to fund turbines and construction.
Feb 09	Turbine delivery milestone	Positive	+8.6%	Announced arrival of six Siemens gas turbines for first gigawatt of power.
Dec 05	Power supply agreement	Positive	+3.4%	Executed Electric Service Agreement securing up to 200 MW for campus.
Dec 01	Cooling tech partnership	Positive	-0.2%	Signed MOU for hybrid cooling towers to protect regional water resources.
Nov 25	Financing discussions	Positive	-2.5%	Confirmed discussions for $4+ billion project financing for first tenant.

Pattern Detected

Recent infrastructure and financing announcements for Project Matador often saw positive price reactions, though some project-financing headlines drew muted or negative responses.

Recent Company History

Over recent months, Fermi America has steadily advanced its 11 GW Project Matador campus. Updates ranged from turbine deliveries and equipment logistics to a $500 million equipment loan and power agreements up to 200 MW. Earlier announcements on water-saving cooling strategies and multi‑billion project financing talks received mixed price reactions. Today’s partnership-focused nuclear update fits a pattern of ongoing build‑out progress around the Matador platform.

Market Pulse Summary

This announcement highlights deeper collaboration between Fermi America and Hyundai E&C to advance f...

Analysis

This announcement highlights deeper collaboration between Fermi America and Hyundai E&C to advance four AP1000 units within the planned 11 GW Project Matador campus. It follows prior milestones in turbines, power supply, and financing that steadily build project readiness. Key watchpoints include progressing FEED into definitive EPC arrangements, securing long-term offtake and project-level financing, and navigating U.S. nuclear regulatory and construction challenges at the contemplated scale.

Key Terms

front-end engineering design, feed, ap1000, epc

4 terms

front-end engineering design technical

"including ongoing Front-End Engineering Design (FEED) work supporting four AP1000 units"

Front-end engineering design is the early, detailed planning phase of a capital project when engineers create the core blueprints, scope, and cost and schedule estimates that guide construction and procurement. For investors, it matters because a thorough front-end design reduces uncertainty about total costs, timing, and technical risks—similar to having a detailed house plan and budget before breaking ground—so it helps assess whether a project is likely to stay on time and on budget.

feed technical

"Fermi America and Hyundai E&C are currently advancing FEED activities including site layout planning"

A feed is a continuous stream of digital information—such as price updates, trading data, or news—pushed to users or systems in real time. Think of it like a faucet that delivers fresh data every second: the faster and more reliable the flow, the quicker investors and automated systems can react to market moves and new information. Feed quality affects trading decisions, risk management, and the timeliness of financial analysis.

ap1000 technical

"FEED work supporting four AP1000 units planned for Fermi America's Project Matador"

AP1000 is a standardized design for a large commercial nuclear power reactor that uses water under pressure to produce electricity and relies on passive safety systems that work without power or human action. For investors, it matters because a common, approved design can speed regulatory clearances, affect construction costs and timelines, and concentrate operational and liability risks — similar to choosing a single model of car for an entire delivery fleet.

epc technical

"support progress toward a potential engineering, procurement, and construction (EPC) pathway"

An EPC (engineering, procurement and construction) contract is a single agreement where a contractor designs a project, buys the materials and builds it, then hands over a finished, ready-to-use facility—much like hiring a general contractor to deliver a completed house. For investors, EPCs matter because they concentrate responsibility for cost, schedule and delivery with the contractor, affecting a company’s revenue visibility, cash needs and exposure to construction or performance risks.

AI-generated analysis. Not financial advice.

• Fermi America joined Hyundai E&C's Large-Scale Nuclear Technology Seminar in Dallas to engage contractors and strengthen U.S. nuclear supply chain and workforce readiness.
• Ongoing FEED work advances planning for four AP1000 units supporting Project Matador, Fermi America's 11GW private energy campus outside Amarillo, Texas.

AMARILLO, Texas, Feb. 11, 2026 /PRNewswire/ -- Fermi Inc. (d/b/a Fermi America) (Nasdaq & LSE: FRMI), operating as Fermi America™, today highlighted continued progress in its strategic partnership with Hyundai Engineering & Construction Co., Ltd. (Hyundai E&C) to help restart large-scale nuclear construction in the United States, including ongoing Front-End Engineering Design (FEED) work supporting four AP1000 units planned for Fermi America's Project Matador, an 11-gigawatt private energy campus outside Amarillo, Texas.

Fermi America is building this partnership as part of its long-term strategy to bring proven nuclear success and global delivery capability back to America and accelerate the deployment of the reliable, large-scale baseload power needed to meet rapidly rising demand for power in America.

As part of the partnership, Fermi America participated in Hyundai E&C's Large-Scale Nuclear Technology Seminar on Feb. 10 at The Westin Dallas Downtown. The event brought together leaders from across the U.S. construction and nuclear sectors for practical, discipline-specific sessions on what it takes to build large-scale nuclear projects in today's market. It also provided an opportunity to engage Texas and national contractors, strengthen supply chain readiness, and align industry partners around the execution demands of next-generation nuclear development.

The seminar covered key construction disciplines and execution topics including nuclear construction standards, modular construction concepts and procedures, major mechanical installation disciplines, specialized nuclear construction works, heavy lifting, nuclear plant building systems, and workforce development and training for skilled nuclear personnel. The event drew strong participation from Texas-based construction companies and major stakeholders across the U.S. nuclear and construction sectors.

With large-scale nuclear construction in the United States largely stalled for decades, Fermi America believes Project Matador represents a critical opportunity to restart American nuclear build capability at scale.

"It's a very short line of companies eager to do nuclear here in America," said Toby Neugebauer, CEO and Co-Founder of Fermi America. "The list is even shorter when you consider the projects with a COL accepted for review, active NRC engagement, and a highly characterized site that are ready to break ground this year.

As in only one.

Fermi is proud to partner with Hyundai, the only global company to have successfully built 24 nuclear reactors, ten of them simultaneously, on time and on budget. Their expertise, talent, and financial commitment, together with Westinghouse AP1000s means that with DOE and DOC support, the American nuclear renaissance can restart July 4th."

Fermi America and Hyundai E&C are currently advancing FEED activities including site layout planning, cooling system evaluations, and cost and schedule development. These efforts are intended to strengthen project readiness and support progress toward a potential engineering, procurement, and construction (EPC) pathway.

Mesut Uzman, Chief Nuclear Construction Officer of Fermi America and CEO of Fermi Nuclear LLC, delivered remarks emphasizing the urgency of accelerating major energy infrastructure deployment.

"AI-driven load growth is accelerating faster than most people realize," said Uzman. "The next decade will be defined by those who can build power infrastructure fast enough to support AI and industrial growth. Hyundai brings the industrial scale and execution discipline needed to deliver significant energy projects like Fermi America's Project Matador. We see this partnership with Hyundai E&C as a critical step toward rebuilding U.S. energy capacity."

Through its partnership with Hyundai E&C, Fermi America is working to mobilize contractors, strengthen the workforce pipeline, and rebuild the nuclear supply chain required to deliver new large-scale nuclear power plants in Texas and across the United States.

Project Matador is being developed to deliver reliable baseload power at scale to support America's fastest-growing electricity demand, including AI infrastructure, data centers, advanced manufacturing, and other critical industries.

For media inquiries:
Lexi Swearingen
Media@FermiAmerica.com

Fermi America™ official business information
Legal Entity: Fermi Inc. (d/b/a Fermi America) (Nasdaq & LSE: FRMI)
Brand Name: Fermi America™
Address: 620 S Taylor St #301 Amarillo, TX 79101-2436
Website: https://fermiamerica.com/

About Fermi America™:

Fermi America™ (Nasdaq & LSE: FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Co-founded by former U.S. Energy Secretary Rick Perry, and Co-Founder and former Co-Managing Partner of Quantum Energy, Toby Neugebauer, Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create the world's largest, 11 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing.

About the Texas Tech University System
Established in 1996, the Texas Tech University System is one of the top public university systems in the nation, consisting of five universities – Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University, Texas Tech University Health Sciences Center El Paso and Midwestern State University. 

Headquartered in Lubbock, Texas, the TTU System is a more than $3 billion enterprise focused on advancing higher education, health care, research and outreach with approximately 21,000 employees and 64,000 students, more than 400,000 alums, a statewide economic impact of $19.2 billion and an endowment valued at $3 billion. In its short history, the TTU System has grown tremendously and is nationally acclaimed, operating at 20 academic locations in 16 cities (15 in Texas, 1 international).

In addition, the TTU System is one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education among other academic areas.

Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategy, future operations, financial position, prospects, plans and objectives of management. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "will be," "will likely result," "should," "expects," "plans," "anticipates," "could," "would," "foresees," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," or "continue" or the negative of these words or other similar terms or expressions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions, and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fermi-america-deepens-strategic-partnership-with-hyundai-ec-to-lead-the-return-of-large-scale-nuclear-construction-in-the-us-with-project-matador-302685787.html

SOURCE Fermi America

FAQ

What is Fermi America's Project Matador and how big is it (FRMI)?

Project Matador is an 11 GW private energy campus near Amarillo, Texas. According to Fermi America, it is planned to include four AP1000 units with FEED work underway to advance site and system planning.

What progress has FRMI announced with Hyundai E&C on Feb. 12, 2026?

Fermi America said it deepened a strategic partnership and advanced FEED planning. According to Fermi America, FEED covers site layout, cooling evaluations, and cost and schedule development for four AP1000 units.

How does the Hyundai E&C partnership affect FRMI's ability to build nuclear plants?

The partnership brings Hyundai E&C execution experience and global reactor delivery scale. According to Fermi America, Hyundai's track record and FEED cooperation aim to strengthen supply chain and workforce readiness.

Did Fermi America engage U.S. contractors or workforce on this announcement (FRMI)?

Yes — Fermi America participated in Hyundai E&C's Feb. 10, 2026 seminar to engage contractors. According to Fermi America, the event focused on construction standards, modular methods, and workforce training to mobilize contractors.

Has Fermi America secured an EPC contract or final approval for Project Matador (FRMI)?

No final EPC award was announced; the EPC pathway is described as potential. According to Fermi America, current work is FEED-level to support project readiness and possible future EPC options.